We provide professional jewelry insurance replacement and estate appraisals, with the experience and knowledge of 4 generations. Our Gemologists can identify and appraise all types of gems and jewelry.
Our firm has a gemological laboratory and we have the knowledge and experience to identify and evaluate nearly any gemstone. On our staff we have personnel certified with one or more of the following jewelry industry association titles:
Gemological Institute of America:
• Diamond Appraiser, D.A.
• Graduate Gemologist, G.G.
American Gem Society:
• Registered Jeweler, R.J.
• Certified Gemologist, C.G.
• Certified Gemological Appraiser, C.G.A.
We are also members of the following industry organizations:
• National Association of Jewelry Appraisers
• Gemological Institute of America Alumni Association
• Jewelers of America
• Jewelry Information Council
• Jewelers Security Alliance
• Jewelers Vigilance Committee
• Michigan Retailers Association
• Mid-America Jewelers Association
WHAT IS AN APPRAISAL?
An appraisal is an informed opinion as to the identification, quality, design and value of a jewelry item. The opinion is backed by education, experience and equipment. An appraisal will give you a detailed record of your jewelry, which will enable you to identify your jewelry if need be, and also to replace the item with an item of equal value in the case of an insurance claim. Photos are often included to aid in identification.
By far the most common type of appraisal is for insurance purposes. A homeowner's insurance policy and Apartment Tenants policies commonly include coverage for personal property and the value of jewelry is included in said limit of insurance. Such policies generally restrict jewelry coverage for theft, burglary or robbery, however, to $500 in the aggregate. (Some companies provide $1000). Further, such insurance is usually for perils of fire, wind, building collapse, theft, vandalism, etc. and not for "all risks" including loss of the property or loss of a single stone from the item. To obtain complete coverage to the full value of item(s), an appraisal for each piece will be required and the coverage can be scheduled on your policy, with a specific description of the item and an amount of insurance on each item. If you care to have proper value coverage, a detailed professional appraisal is paramount.
Below is a brief description of the different types of appraisals that we offer.
INSURANCE REPLACEMENT APPRAISAL
This appraisal is the type you usually need to properly insure your jewelry against loss or damage. The appraisal price in this instance will give you the approximate cost of replacing the jewelry item or recreating it as closely as possible. Therefore, the appraisal should take into consideration today's retail prices, cost for labor, material, creative design and the precious stone market.
These estimated replacement costs are based only on estimates of the quality of the gems (unless specifically stated that the gems were removed and graded). Even if removed, slight differences may occur between grades given by our accredited gem laboratory and those given by other laboratories, because gem grading is subjective. If outside laboratory grades are given, they will be identified by laboratory report and number. We assume no liability with respect to any action which may be taken on the basis of the appraisal.
ESTATE APPRAISAL
The purpose of an Estate Appraisal is to establish the Fair Market Value in the most common and appropriate jewelry markets, in order to provide a basis for paying estate taxes. This requires an appraisal of the cash value of an item, based on what a willing buyer and a willing seller would agree to without a forced sale. An estate evaluation often consists of a number of pieces of jewelry, a variety of types, some in fair condition, while others may be badly worn. An estate appraisal is based on the premise that the collection is to be liquidated. Since it does not consider selling costs nor current prices for labor or creative design, this type of appraisal is normally lower than appraisals for replacement value.
APPRAISAL UPDATE
We recommend that your appraisal be updated periodically. Check annually with your jeweler or insurance agent about the necessity of updating your appraisal. This will ensure that your insurance policy remains current, and in the event of a loss you will be covered.
IN CASE OF LOSS
When the loss of an appraised jewelry item occurs, the importance of a properly prepared, detailed appraisal becomes very apparent. The jeweler from whom the item was purchased would be the best source for accurate, quality replacement for obvious reasons. If replacement by the original jeweler is not possible, the next best choice would be the jeweler who does the appraisal. In any case, the preparer of this appraisal should be consulted for verification of the quality and value of the proposed replacement.
At the time of a loss, be sure your facts are substantiated and the police are immediately notified. Provide them with the details from your appraisal, which may assist them to a speedy closing of the investigation through prompt identification of your pieces. After filing the police report, notify your insurance agent.
Most insurance policies contain a clause which allows the company to supply you with a replacement rather than have the appraiser replace the item. If so, use your appraisal to verify that the quality of the replacement is similar to the item lost.
Our firm has a gemological laboratory and we have the knowledge and experience to identify and evaluate nearly any gemstone. On our staff we have personnel certified with one or more of the following jewelry industry association titles:
Gemological Institute of America:
• Diamond Appraiser, D.A.
• Graduate Gemologist, G.G.
American Gem Society:
• Registered Jeweler, R.J.
• Certified Gemologist, C.G.
• Certified Gemological Appraiser, C.G.A.
We are also members of the following industry organizations:
• National Association of Jewelry Appraisers
• Gemological Institute of America Alumni Association
• Jewelers of America
• Jewelry Information Council
• Jewelers Security Alliance
• Jewelers Vigilance Committee
• Michigan Retailers Association
• Mid-America Jewelers Association
An appraisal is an informed opinion as to the identification, quality, design and value of a jewelry item. The opinion is backed by education, experience and equipment. An appraisal will give you a detailed record of your jewelry, which will enable you to identify your jewelry if need be, and also to replace the item with an item of equal value in the case of an insurance claim. Photos are often included to aid in identification.
Below is a brief description of the different types of appraisals that we offer.
INSURANCE REPLACEMENT APPRAISAL
This appraisal is the type you usually need to properly insure your jewelry against loss or damage. The appraisal price in this instance will give you the approximate cost of replacing the jewelry item or recreating it as closely as possible. Therefore, the appraisal should take into consideration today's retail prices, cost for labor, material, creative design and the precious stone market.
These estimated replacement costs are based only on estimates of the quality of the gems (unless specifically stated that the gems were removed and graded). Even if removed, slight differences may occur between grades given by our accredited gem laboratory and those given by other laboratories, because gem grading is subjective. If outside laboratory grades are given, they will be identified by laboratory report and number. We assume no liability with respect to any action which may be taken on the basis of the appraisal.
ESTATE APPRAISAL
The purpose of an Estate Appraisal is to establish the Fair Market Value in the most common and appropriate jewelry markets, in order to provide a basis for paying estate taxes. This requires an appraisal of the cash value of an item, based on what a willing buyer and a willing seller would agree to without a forced sale. An estate evaluation often consists of a number of pieces of jewelry, a variety of types, some in fair condition, while others may be badly worn. An estate appraisal is based on the premise that the collection is to be liquidated. Since it does not consider selling costs nor current prices for labor or creative design, this type of appraisal is normally lower than appraisals for replacement value.
APPRAISAL UPDATE
We recommend that your appraisal be updated periodically. Check annually with your jeweler or insurance agent about the necessity of updating your appraisal. This will ensure that your insurance policy remains current, and in the event of a loss you will be covered.
IN CASE OF LOSS
When the loss of an appraised jewelry item occurs, the importance of a properly prepared, detailed appraisal becomes very apparent. The jeweler from whom the item was purchased would be the best source for accurate, quality replacement for obvious reasons. If replacement by the original jeweler is not possible, the next best choice would be the jeweler who does the appraisal. In any case, the preparer of this appraisal should be consulted for verification of the quality and value of the proposed replacement.
At the time of a loss, be sure your facts are substantiated and the police are immediately notified. Provide them with the details from your appraisal, which may assist them to a speedy closing of the investigation through prompt identification of your pieces. After filing the police report, notify your insurance agent.
Most insurance policies contain a clause which allows the company to supply you with a replacement rather than have the appraiser replace the item. If so, use your appraisal to verify that the quality of the replacement is similar to the item lost.
